Evening Star Newspaper, November 14, 1931, Page 15

FINANCIAL. CURB SHARES MOVE| 4 INNARROW RANGE "iTFading Slows Down After |} Early Losses—Coppers Make Good Showing. BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, November 14.—Opening Y @ctive and moderately lower Curb EX- ,,change stocks slowed at the epd of "the first hour today and began to rally b sglightly. 3 /. The market leader, Electric Bond & Y , was off only fractionally, with .other active stocks, such as Cities Service, Standard of Indiana and Mjddle West Utilities. .. Radio-Keith-Orpheum rights, which ’ point of activity featured early deal- , opened at s and prufl:pny sold wn to 3-16, from which Nevel they "backed and filled. Other amusement Tstocks did not share in this quickened trading. Coppers made the bests howing in the | mine division, due to the continuation of the world curtailment copper con- ferences here today, which were pro- “longed beyond the original date set in last effort to reach some sort of an “agreexent to decrease the supply of red ‘metal above ground. The unusually low export demand for ¥ @nthracite brought selling into Glen '® Alden Coal and Lehigh Coal & Naviga- ;%on. The reactionary tone in early 1'Wwheat trading caused heaviness in such rfa implement issues as Deere & Co. "Gains balanced losses in the motors “nost of the session. Mead-Johnson *“proved one of the weaker specialities, al it declined about 3 points. DOMESTIC BONDS. 40 thourands. o v . 100 98 98 100% 100% 303 31 0% Appalac 3 Appaiach "Pow 55 13 Arkans P & L 55 - .2 Asso Elec Ind 4'3s '53 12 A850 G & E 4135 '49 C & El 85 580 T & T 5as s Tel Util 5'28 el Tel Can 55 11 Tel 55 roBaSelss. S ’ Ed 418 D 87 P 25 Comwh %L F 8l L h & 2 0514 1081 ] 2111 '3 %5 i ai 1% 7% T1% £8% s >> > t 513 B lepenct O1l 6s Indnap P&L S5 A | 88 57 sull DLl 40 87 t Pw Bec 993 88% Pw / 8644 Pow Sec 15 D '38 Tater P Bec 1s B 131 rn Sec Am 55 |47 0% 921 0l 100% 1003 100% 4 !g 86'z 88 88 47, Eng G&E 55 '48 % GEE 58 '50 Fananas 2 iag or Ind P 8§ 55 C 0 Ohio P&L 5'2s ' Btat Pe s (22 ALRRLZDL 2L TAL! 51 8615 0311 | collection of funds, which will be taxed | 95" 95 ¥5 1012 100t 10012 189" g9 89 9014 olin 2 10172 10: 85 '54 10134 10 155 18 132 18712 87 2 nd nd Standard P & X% L 65 ‘67 i 5las ‘39 9. 1 °Co 5840 wi if ©a Be 44 enin Elec Pow 55 'S6 C..t Gas i Breot s onomasiatons % 9 3% 951a High. Low. Close. |~ gh. Low. Clos president of the New Haven Rallroad. . ’ NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stocks sold in 100-shara lots excent those desigmated by letter 5. 00, Open. High. Low. Close. 6% 6 ~Prev. 1931 Tl Lo, Dividend Rate. Add 5% Ainsworth Mfg..... 70 Aluminum Co of Am 25 Aluminum Co Ltd 2% AmCit PALBb10%. Am Com P A (b10%) Am Com Pr B(b10%) Am Corpn (£30¢) 3% Am Cyanamid B Am For Pow war.. Am Gas & Elec ($1) & EI pf (8) Trpf (1% Am Natural Gas. Am Superpwr ?4 Am Superp 18t (6). 2 4758 2 As@G & El war. Asso Rayon. . Auto VM ev pr pt(2 Beneficial I L (1%).. Bliss Co(EW) (b8 % ) Blue Ridge Corp.... Blue Ridge cv pf(a3) Bourjols, Inc (50¢). . Brazil Trac Lt&P(1) Brill Corp A (34c)... Carnation Co (J1%). Carnegie Metals. .... Cent Hud G&E (80c) Cent Pub 8ve A b5% . C;n: llslt Fl (b10%). o e AR nE st am o i NS wat e M AR A~ ce (g El llum (1.60). COIOBNL v covseseen Colts Pat Fire A 1%. Col O11& Gas vte Cmwlth & Sou wi Comstock Tunnel. Consol Copper. Con Gas Balto (3. Consol Gas Util (A) N Cusi Mex Mining Dayton'Alr & Eng. Deere & Co. . De Forest Radio. Detroit Aireraft Dow Chemical Duval Tex Su East Sta Pow (B)... Eles Bond&Sh(b6% ) ElecB&Shcupfb.. Elec B & Sh pf (6)... Elec Pow Assoc (1). Elec Pow Assoc A (1) Elec P & Lt op war., Europ E Ltd A (60c). Fansteel Products. Ford M Can A (1.20). Ford Mot Can B 1.20. Ford Mot Ltd 36 3-5¢ Fox Cheater (A). Gen Aviation. ... Capital Corp E Litd res 36 3 G&E cv pf B(§ Gen Theat Eq cv pf.. Glen Alden Coal (4). Globe Underwr (15c) Goldman Sachs Gold Seal Elec new Goth Knitback Mch. Great At&Pac(16%). 4 Gt At&Puc Tea pf(7) Gulf Oll of Pa (13%). Hudson Bay M &S.. Imp Ol of Can (50¢) Insull Inv (b6%). .. ¢ Insur Security (40¢)} Intercontinent Pet n. int Petroleum (1)... ltalian Superpow A. Leh Coal & Nav 1.20. Long Island Lt (60c) Long Isld Lt pf (7).. 208 105! 225, ~Prev. 1931~ High. Low. k] 4w 54 [3 79 6% Mid West Ut Mid W Ut cv pfxw 6 Mid Sta Pet vtc B Mo-Kan Pipe Lin Nat Service Co, Nat Sh T Sec A Nat Sugar NJ (2). Neptune Meter A ¢ i New Eng Pow pf (§ New Jers Zine (13) Newmont Mining. N Y Telpf (634). N Y Transit (f Niag-Hud Pow (40 Niag-Hud Pow A w. Niag-Hud Pow B w i Niag Sh Md (40c). Niles-Bemt-Pond (1) . Nitrate Corp Chile B, Nordon Corp Ltd.... Nor Am Aviat A war, Ohio Copper. Pac Western Oil. Parke Aus & L pf(2) terson Sarg (2).. Pandem Ofl...oceaus Pennroad Corp (40¢) Perfect Circle(12%). 4 Perryman Electric. . Petrol Corp war..... Pilot Rad Tube A, .. Pittsburgh&LE(110)250s Pittsbgh Plate G (2) 2 Plymouth Of) (25¢).. Premier Gold (12¢).. Pub Util Hold war. . P Bt Divide Mavis Bottling (A) Mead Johnson (15) and Rate. 1% 8% 5% 1% 10% 6314 L 2 s (60¢ abiunaloats aalaleui N = P T LIPIraes - 03 PPN o 3 PO 2 4 1 5 Quaker Oats pf (6).. 408 « Rainbow Lum Pr A. Reiter-Foster. .. Rock Lt & P (90¢)... St Regis Paper ($0c) Seaboard Util (28¢).. Sec Allled Corp (1).. Seeman Bros (3).. Segal L & H (a50c) Selby Shoe (1.40) Shattuck Den Min. .. Shenandoah Corp.... Shenandoah Corp pf. Silica Gel etfs. ..... 1 1 2 2 1 2 1 8 2 1 0 2 1 2 8 5 I Singer Mfg Co (116).100s Smith (A.0.).. South Penn O1l (1).. Sou Cal Ed pf C(1%) Southern Nat Gas. .. . 4 4 4 Spleg May Stern pf.. Stand Ofl of Ind( 1).. 4 Stand Oll of Ky 1.60. Stand Silver & Lead. Sunray Ofl...... Tampa Electric (32). M 4 Tra: Tri-Utilities. ... Unit Car Fast (40¢) Unit Gas Corp. Unit Gas Corp Unit Lt & Pw A (1) Unit Molasses Ltd ) 4 Utll PELt(at1.02%). Utll & Ind Utll & Ind Walker (H) (50¢c). Wenden Copper. West Pwr pf (7) 33% 124 2% ousl Deyment. - o o 161 -r%-l’o' in "cash 204, | dividend. £ Pjus 8% T | stock” i pius 2% 05'% | gtock. n Plus % | 3 | 67 2 Y 223, 228 106% 105% 1 in stock. % in 8:0ck. Wil-low Cafe pf (4). Woolworth (FW)Ltd on Iast quarterly or semi-an. tly extra. iPlus 4% 1 ble in ' af @ Adjustment tock, & Plug 6% in stock b Blus in k Plus 10% in stock. Plus » Paid lsst year—no lar rate. Everybody’s Business V8. );;nmd: Declared Likely to Accept Decision of 1. C. C. Relative to Formation of Pool for Benefit of All Members. BY DR. MAX WINKLER, Special Dispatch to The Star. NEW YORK, November 14—The re- | cent decision of the Interstate Com- merce Commission, relative to the formation of & pool somewhat similar to the so-called common fund of the French carriers, is likely to be accepted by the United States transportation systems, with u’rg&in modifications. 1t is generally believed that the roads | will propose that the commission ap* prove the formation of a national cor- poration to handle the incr rev- | enues to be recelved as a result of ' higher rates, such logned to the weaker roads, with the remaining funds to be divided between the contributing systems. The money to be loaned to the weaker systems is ex- pected to bear interest at the rate of 5 per cent per annum. ¥nese proposals seem most adequate from the standpoint of the weaker car- | riers, which leads to the bellef that| some arrangements might have to be made to compensate the stronger lines for the loss they will incur from ‘h”i by the Government as net earnings, al- though they will be loaned to other carg riers. Dividend Change Likely. | Pressure pn the rallroad shares, with | weakness especially marked in New York Central, may be attributed wvlhei possibility of the latter reducing’ or | passing the present dividend, which has | 50 far this year amounted to $4 per share. | As the rate is far from being earned, | a change is likely to be ordered at the next meeting scheduled to be held at un | early date. The management may adopt | the same policy as the Jersey Central | by declaring the New York Central | stock on a $4 basis, which rate has al- | ready been paid in the ccurse of this/| year. The weakness in rajls spread to thi rest of the market, although there was no special adverse cevelopment to ac- count for the recession. Competition and Regulation. Public interest requires that all trans- | portation for hire shall be regulated, ir- fespective of the agency producing’ the transportation, according to J. J. Pelley, 3 9% 3114 490, 7% 5014 . sasistonmoniiolal W t Y Westvac Chl 5las '37.100%a 1t FOREIGN BONDS. 001, 100%% e issisto a3 £ B 'S Biict s e g’? gk The establishment of fair competition between the different agencies would be | the more economic method of bringing | about_the desired results, according to Mr. Pelley. Experience has demon- strated that fair wmgefiuon can be maintained only through proper regula- tion, and that if the public interest is to be protected, unregulated tra tion services cannot be sustained over a ‘°'§§ period. r. Pelley concludes his observations by stating that there exists an urgent need for the regulation of the different forms of transportation now existing— so that the unfair comp=titive Tethods which threaten the public interest may be cu L Copper Conference. After reports to the effect that nego- tiations had been broken off and 33 some of the representatives had already prepared to sail for home, the confer- ence of is ex- excess revenues to be | | (Copyrient relative to the restriction of produc- tion This should benefit leading copper shares. Whether the rise will be sustained will depend in the final analysis upon an increase in consump- tion. Should the outlook in Europe, particularly Germany, assume & some- what mcre clarified aspect, configence in the genuineness of the rise snd sus- tained advance of the metal would seem warranted. § Chesapeake & Ohlo. The Chesapeake & Obio should bene- fit substantially during the closing seven weeks of thé year from a pick-up in cocl shipments, according to J. J. Bernet, president cf the road. So far this month, loadings have shown a ght decline due to the unseasonably warm weather, which has adversely affected coal traffic tbroughout the country. Mr. Bernet also points out that the road is making progress on its imprcve- ment prcgram in Virginia and West Virginia, involving reconstruction and enlargement of tunnels and, in some cases, the building of new ones. He expects that the progrem will be com- pleted next Summer or early next Fall. Reparations Problerih Reports emanating from well inform- ed quarters abroad are to the effect that the Franco-Germen problem relating to rfi?nl"mm and debts is nearing solu- France has felt right along that rep- arations due her should rank abead of Germany’s private commitments. These private commitments are held largely by British and American interests, who | consider them as being of greater im- portance from the standpoint of inter- national finance and economics than reparations. Indications are that a compromise may be reached through the formation of a special committee which will take up the country's pri- vate short-term obligations, while the Bank for International Settiements will appoint another committee to deal with the reparations problems. It it quite probable that, in view of recent changes in the French economic status, France will display a more con- ciliatory attitude than herctofore. 0il Production. Production methods of oil companies must be reformed, in the opinion_of J E. Pew, vice president of the Sun ofl Co. Mr. Pew also suggests the unqualified adoption of the unit plan and accept- ance as a fundamental principle that each owner in a pool is entitled to his share in its ol and gass. He expressed the opinion that the industry could double the average production of pools, and at the same time cut in half the number of wells required, under a plan cfxunmulionA n other words, in the next 20 years, instead of having to drill 400,000 wells costing $20,000,000, it would be DpOS- sible to produce just as much ofl from 200,000 wells costing $10,000,000, and there would still be left half the ofl in the ground and recoverable. 1931 by the North American Newspaper Alliance, Inc.) STEEL MILL OPERATIONS TO INCREASE NEXT WEEK By the Associated Press. YOUNGSTOWN, Ohio, November 14. —Steel mill operations in the Youngs- town district will increase next week, for the second consecutive week after & long perfod of declining activity, it was vevealed in operating schedules made publiz today. Youngstown Sheet & Tube Co., which has been operating below the district's general average, will resume With a blast furnace which has béen banked, will operate one more open hearth furnace, and start up sheet mills, one seaml L T less pipe unit and to resume. nEhdlfledfihn mlMMfivfi]{hM» Other plants be &m ;exmt operations will improved. | to plain, 3.00a3. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., November 14.— White potatoes, 100 pounds, 75a1.1 sweet potatoes, bushel, 35a50; yams, barrel, 1.00a1.25; beans, bushel, 1.00a 2.00; beets, per 100, 2.00a3.00; brussels sprouts, per quart, 6al5; Savoy cabbage, bushel, 35850, carrots, per 100, 2.508 3.00: caulifiower, crate, 1.40a2.00; cele.y, crate, 1.50a2.75, cucumbers, hampers, 3.00a5.00; eggplant, crate, 3.50a4.00; let tuce, crate, 2.00a3.00; lima beans, hamper, 3.0024.00; okra, bushel, 1.50a 2.00; pappers, hamper, 25a75; pumpkins, per 100, "3,001000‘ onions, bushel, 1.50a3.00; tomatoes, lug boxes, 1.7583.50; turnips, hamper, 20825: apples, bushel, 50ai.25. Dairy Market. Chickens, young, 16a20; Leghorns, 16a17; old hens, 17a23; Leghorns, old, 12a16; roosters, 12al4; ducks, 12a19; pigeons, pair, 25a30; guinea fowls, pair, 25a50; turkeys, 18a26. E, -Receipts, 1,052 cases; current receipts, 28a30; cmall pullet eggs, 22 25; hennery whites, 34a36; nearby firsts, 30a32; Western firsts, 30a32. Butter—Good and fancy creamery, 28a32; ladles, 20a22; process, 24a25; store packed, 15. Live Stock Market, BALTIMORE, November 14 (#).— Cattle receipts, 300 head; market sieady. Steers—Cholce to prime, 8.0028.50; good to_choice, 7.25a7.50; medium to good, 6.2587.00; fair to medium, 5.0026.00; plain to fair, 4.70a5.50; common to plain, 4.0084.7 Bulls—Medium to good, 4.00a4.50; fair to medium, 3.50a 4.00; plain to fair, 3.25a3.50; common Cows—Medium to good, 3.75a4.25; fair to medium, 3.25a 3.75; plain to fair, 2.50a3.25; common to plain, 15062.50. Heifers—good to choice, 5.5025.75; medium to gocd, 5.25a 5.50; fair to medium, 4.75a5.25; plain fanzblgalr,‘r. !.7;!;;5: common to plain, 258 A cows and Sprin 30.00260.00. o Sheep and lambs—Recelpts, 600 head; mlrke&, lw‘:d.x %hse‘,‘ep.l. 0083.00; lambs, choice, 6. .69 fair - lug. !.50;‘0.00‘.”' 1 - logs—Receipts, 1,000 head; market steady; lights, 5.65a5.90: heavies, 5.25a 5.75; medium, 5.65a5.90; roughs, 4.00a 5.00; light pigs, 5.40a5.65; pigs, 5.50a 5.75; Ohio and Western hogs 10 cents m'chuvu—‘ Receipts, 5 eipts, 50 head; marke! steady; calves, 3.5029.00. i PARLEY ON LOANS NEW YORK, November 14 (#).—The Pederal Reserve Bank of New York an- nounced that three representatives will meet with representatives of five Latin American countries at Lima, Pern, December 2 to confer on means of re- habilitating the economic situation in those countries. ‘The three are Prof. E. W. Kemmeres of Princeton University; Allan Sproul, assistant deputy governor of the Fed- g’z ;tmruh E‘;m 1;1 New “forl. and of the bank. i ! Mund“ m'.he' ;%ln‘(t‘:nu will be represen of via, Chile, 3 Colombia and Ecuador. ~ i POTATO MARKET. CHICAGO, November 14 () (United States De ent of Agriculture).— pcuwes—g:'&u, 8 ' carlonds: on track, 230 total United States ship- ments, 591; firm on Russets, 'about steady on other m‘e:o trading rather whites, 70a80; few 85; Cobb! & | the financing of automobiles, this ICREDIT EXTENSION Financing Business to In- crease Facilities for Grant- ing of Loans. BY ALVIN RESCH. Written for the Associated Press. J CHICAGO, ‘November 14 —The % | financing business, its operations di- versified an unprecedented degrec since 1930, now plans to marshal its facilities for still further extension of.| ccnsumer credit. i One of its major and immediate goals is to decide in what channels finance company capital can be most profitably employed to aid in restora- tion of normal retail buying. Leaders of the industry hope to thresh out this problem at the annual confererce of the National Association,) of Finance Companies in Chicago No- vember 17 and 18, Representatives of 300 finance com® panies, with capital resources of @ proximately $400,000,000, sre expected to gather for the conference. Once almost exclusively confined ’:n dustry now has equipped . itself” to finance paper on dozens of widely di- wversified products. Pinancing in these new flelds has al- mcst offset the industry’s loss of busi- ness in automobile sales. - It has grown to the extent that this year'’s volume of financing is expected to approximate $2,500,000,000, a figure only slightly lower than last yeer's total. Leading the list of €ommodities whose | sale by financing has' experienced an cutstanding increase in the last year'| are electric refrigerators,, ofl burners and coal stokers. ! 3 ‘When productionbegan to sag in the sutomobile industry finance_companies had idle ital on their- hands. At once many began to broaden their fleld of cperations. » Now they finance merchandise that runs the gamut of variety from beauty parlor’ equipment to dairy cattle and tractors. Leaders: of the industry. say-this trend of expansion, which has displayed a consistent growth since last year, has yet to reach its height. Financing in such untouched flelds as college or technical school educations. Doctors’ and dentists’ bills and insur- ance premiums is under tion by many companies which handled al- most nothing but automobile financing three years. ago. B 4 New York Cotton Special Dispatch to The Star. NEW YORK, November 14.—The cot- ton market came under the heaviest selling of the week dur the short session today, and prices closed at the bottom, 8 to 11 points lower than yes- terday. ’ The list Jost over $2 a bale from the best figures of the wi as a direct result of weakness in stocks and grain and the cut in print cloth prices to new low quotations of the year. Spots were reduced 10 points to 6.45. Cotton l'lnu;J December January Low. Close. 33 Metal Stocks. s NEW YORK, November 14 (Special). —In spite of the difficulty in bringing the American and Belgium T pro- ducers to a common policy of proauc- in } tion, the price trend of metals is be- lieved to be upward and speculation in metal company stocks is broadenin, Securities of concerns that mine gold, silver, lead, zinc and copper are gen- erally in the low-priced class. For this reazon they have a certain specu- lative ‘popularity. The profits in the production of silver are now leading to the reopening of mines that have long been closed. It is expected that developments of the same sort will oc- cur elsewhere. The stocks that have had the best response from these con- ditions are American Smelting & Re- fining, Cerro de Pasco, American Metals, U. 8. Smelting & Refining, Homfitlke Mining, Anaconca and Ken- neco CHICAGO ST()CK MARKET CHICAGO, November 14 (#).—Fol- lowing is the complete official list of transactions in stocks on the Chicago Stock Exchange today: 3 Sales. 100 Abbot Lab .. High. Low. Close. i fhe B L g a” T&Y Amoc T & T 31 p 900 Assoc Tel Uil ... 2850 Bendix Aviation 830 Bore. Warner 83w SEFET ) LTI R 3 S 100 Gen Wat Wis 50 Greyhound Corp, kes Alrcraft Dredge. runcs 80 Katz Drug 50 Libby-McNeil Ly 50 orp . 50 Marshail Flel My Midland Ul Midland Unit pf Miss Val Util pf. =2 L EaE e o G R56a3. 37,600 snares. & : M sales 'BONDS. ULl 6s 1940 'm?‘-‘:‘lk. ‘today, $17,000. TREASURY CERTIFICATES. rted by J. & W: Seligman.& Co.) E.:g;w oo i 188 3 108 7 % dit 56 5% Mer. 15, 1932 18 805, 5. 1835 BALTIMORE STOCKS. Specisl Dispatei to The Star. BALTIMORE, November 14 3498 Arundel Corporation 2000 Appalachian_Corp %0 Baltimore zlhfl’e';ecfimo 1 Somhotidated. 'Gas com. 100 100 4-32 99 16-32 London night' clubs are f Negro spiritusls.’ & % ‘ THE EVENING STAR, WASHINGTON, D. C., SATURDAY, NOVEMBER 14, 1931. __FINANCIAL. NEW CAPITAL MARKET QUIET DURING FIRST | PLANS CONSIDERED | 1icn HALF OF MONTH tations of Stocks and Bonds Have Dwindled Almost t Situation Is BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, November 14.—The market for new issues of securities in | lony the first half of November has been barren .as the month of o Vanishing Point. Analyzed. ‘Their necessary form of bank losns. tion that is likely to utilities for the rest has taken the n“u a wn:h- am e gl{'llfl o:‘even and the best 1it; '3“' ity in carry the usual 25 per cen! ; | order to go over. their convention at White Sulphur Springs this week were of the opinion that not much ecould pected in the way of new business for the remainder-of this year, Ordinarily at this season there is much activity in e | e up_of tions” in anticipation of ):he normal late December and early January rein- vestment demand. At the present corporations - cannot that would be ac- ceptable to them, while the public that has money, to invest shows, s strong preference for common stocks rather than for bonds. Government Financing. ‘There is also immediately ahead the ‘Government which is neces- sary in order to take care of the heavy maturities falling due on December 15. This operation is conceded.the right of way this year when, owing to the, char in interest rates and the recent heavy decline ih Treasury icsues, It | may be necessary to nurse the market along and offer terms to ive buyers that wil} be more.tempting than thosg of the last major undertaking in September, The nature of the De- cember offering will not be made public for several weeks. ; ' Had it not been for municipal loans, N ber totals of new borrowings would have dropped’ close to zero, - Even the Jong-term issues of citles and States have been few and small in size the last two months. However, up to the end of September they ran at about a normal rate, so that their proportion to all new ‘capital raised this year is much higher than it has been in any similar period since the war. 1 ? New Capital Raised. New: capital for the purpeses: of| corporate financing and that raised by foreign governments and by munieipali- ties in the 10 months to 31 amounted to $2,878,000,000. Of this, $1,646,000,000, was for carporations and approximately $1,134,000,000 in the form of municipal loans. Therefore, about 40 per cent. of this year's borrowings have been:for muhiclpal account and in’| the form'of tax-exempt securities, com- pared with 18 per cent in 1930 and 11 per cent im the first 10 months of 1929. One of the most widely debated sub- jects in this eountry is that of local taxation. Assoc'ated with it is the somewhat reckless borrowing by local and State governments. A review of the municipal loans contracted for, and, in large part, publicly offered he- tween January 1, 1926, and the end of October, 1931, shows that in this period of about six years the amount of such loans issued, not including refunding loans, was $8,293,000,000. The debt of local governments been rising much faster than the national debt declined from year to year prior to 1031. It is belie therefore, that because of the rapid piling up of this debt, and for obvious market reasons, will be less muniél) financing in the next 12 months. will give the market time to adjust itself to.the excess of offerings in the last few years, a con- dition that will be isted by some increase in the demand for tax-exempt securities in the event that income tax schedules are raised at the ses- jon of Congress. Active Borrowers. Of the corporation borrowers the ?ubl.lc utilities have been the most ac- ive for some years. In the 10 months to October 81 they were responsible for over 50 per cent of the new capiial raised. About 20 per cent was absorbed into railroad issues. In the past six weeks, however, neither the, public utilities nor the railroads have been borrowers on publicly offered securities. (Copyright, 1931.) DECLINE IN CANAL TRAFFIC REPORTED Commerce Department Makes Pub- lic Statistics Showing Slump in Panama Freigh{ Handling. A slump in Panama Canal traffic in the fiscal year 1930 was noted today by the Commerce Department in making public official statistics forwarded from Panama City by Assistant Trade Com- missioner Cyril Crilley. The traffic figures considered by the department as one of the barometers ess, registered a decline of 295 in cargoes shipped from the Atlantic and 105 per cent in those from Pacific to the Atlantic, as compared to the previous year. Crilley's statistics were based on shipping that passed through the canal for the total tonnage for the was_the e_lowest for any year since 1922, when 5,495,934 tons of an-enr‘ggg'} the Atlantic to rom an! the Pacific amounted to 2,795,296, a decrease of 20.5 per cent, from the 1929-30 fiscal year and 33. cent m the record total of 1928-29, ac- cording to Crilley. All_com! ities, he added, listed by the Bureau of Statistics show a de- crease except cotton. which increased 50,532 tons, or 20.3 per cent, in com- parison with 1930. Iron and steel, which is the largest classification of cargo movement from the Atlantic to the Pacific. accounted for 10.8 per cent of the total cargo, in comparison with 22 per cent in 1930. In actual tonnage there was a dt of 808,621 tons. or 38 per cent, in com- {lflmn with 1930. The Bureau of Sta- istics said that the major decreases in this jtem occurred in the United States Oth impor- tant declines were mineral oils, which decreased 197,222 tons, or 28.9 per cent, and phosphates, which decreased 123,- 069 tons, or 28.2 per cent. Cargo from the Pacific to the At- lantic declined 2,152,136 tons, or 10.5 per cent, and in comparison with 1929 it _declinéd 2.378,115 tons, or 11.4 per ceént. The decline in m the Pacific to the mal;;&: Was small in .com; ing in the i with cargo mov- ted out. Mineral olls, Jumiber, wheat and ores moving from m% to the Atlan- | trade tic registered decreases. ARBITRATION POLICY ~ AIDING SILK INDUSTRY By the Assoclated Press. about a raw and finished goods are made on the basis of a standard contract form providing for arbitratfon. The cotton textile industry has set up a general arbitration council. One important case was settled recently m‘ n.v: .flnn s;ur a ‘t_,v;o-h&x;n hear- 3 cost_of only $76. cedure would have been long dn'nm and expensive, it was sald. 01l Burner from tively | lar WHENT PRCE DROP MAY HELP NARKE Have Strengthened Pres- ent Values. BY OWEN L. SCOTT. CON<] Special Dispatch to The Star. CHICAGO, November 14.—This week's 7-cent break from the top levels estab- lished 'in wheat has corrected the in- ternal structure of that market, rather than reflected any change in the world outlook for grain. That view is almost unanimously ex- pressed today by statisticians and trade authorities who study the movement of prices and market conditions. They look for no extensive setback that would undo the wide effects of the recent 25- cent increase in wheat values. Market Shakeout. ‘When prices had moved up over 15 cents from the all-time low point estab- lished on October 5, the public was pictured as entering the speculative market on a scale that dwarfed the activity of the professional traders. As & result the market structure lopsided technically and a shakeout fol- lowed n:;:l;.ul A One s made a trade o cianl showed that 'hfle Nmmb.n"fl- mally is & period of the :g‘;nf a &u!l thlant"ket ‘;Imon never has rred month. The od is approaching when Southern He e wheat reaches world markets and movements in check. Then early in the year, when uncertainty de over Northern Hemisphere crops, vli(’%r'specuh‘t‘ilve“mthmnu occur. ever, e prognosticators nrenu\zou‘\,n.wuln{h:mmmm sef fiscal year ending June 30 and | ;.. f | he pointed out that the came to an end in 187! ear in which e Lhflt both wheat of the ed per prosperity in 1895, and the value of the vh.t" rose in 1894 and 1895. production was 15 it high- er than in the year belm;’:{'w Russian Exports. esent time, bullish\enthu- leading pered At the Her rts this week 2,000,000 bushels. Buf Japanese war develop expected to hold her eventualities. today:that Pran ly to limit imports, censing system. In principal importer, of the pound and of opposite " direction, it was | States. While there now is less lar wheat in the near future, , the over 14 hmnw« of (Copyright. 1931.) —_— NEW LIFE INSURANCE. 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